Interval Funds & Non-Traded Structures
Technical reference for interval fund mechanics, tender offer structures, liquidity windows, redemption gates, and NAV financing.
Liquidity & Redemption Mechanics
NAV facilities, redemption pressures, and forced selling dynamics in interval structures.
NAV Facilities
Credit lines secured by fund NAV—how interval funds use leverage and margin call dynamics.
Margin Call Dynamics
Forced collateral posting when NAV declines—creating liquidity spirals in levered funds.
Forced Seller Dynamics
How redemption pressures and regulatory constraints create non-economic selling.
Funding Horizon Mismatch
Quarterly redemptions funding illiquid assets—refinancing risk and forced deleveraging.
Risk Frameworks & Default Mechanics
Understanding liquidity risk, covenant structures, and default triggers in interval funds.
Liquidity Risk vs Credit Risk
Distinguishing temporary NAV dislocations from fundamental portfolio deterioration.
Event of Default
Default triggers in fund-level financing—NAV thresholds and coverage requirements.
Covenant Breaches
How NAV covenant violations trigger fund restructurings and investor gates.
Structural & Legal Frameworks
SPV structures, share class mechanics, and legal frameworks enabling interval fund operations.
Interval Fund-Specific Terms (Coming Soon)
Additional reference terms specific to interval funds and non-traded structures are in development:
- • Tender Offer Mechanics & Pricing
- • Redemption Gates & Proration Formulas
- • NAV Pricing Methodologies (Level 2/3 Assets)
- • Quarterly Liquidity Windows
- • Share Class Structures & Fee Tiers
- • 1940 Act Compliance (Interval Fund Rules)
- • Non-Traded REIT vs Interval Fund Structures